Putman Investments says it will purchase Toys “R” Us and Babies “R” Us Canada from affiliates of Fairfax Financial Holdings Limited
The Ancaster, Ont.-based investment company did not reveal the value or terms of the deal.
Toys “R” Us and Babies “R” Us Canada employs almost 5,000 people between its Vaughan, Ont. head office and 81 stores in 10 provinces.
Family-owned Putman Investments is run by Doug Putman, who owns Sunrise Records and Entertainment Limited and purchased HMV in 2019.
Last year, he purchased recently closed DavidsTea locations and began planning to open his own tea chain called T. Kettle.
Fairfax acquired Toys “R” Us Canada in 2018 for $300 million as the company was filing for bankruptcy in the U.S.
—The Canadian Press